Per Review Audit

1. PRELIMINARY REPORT
Report No…1
Date
To,
…………………..
…………………..
………………….
………………….
Dear sir,
This is with reference to the peer review of your firm carried out by me on
…………….. for the financial years ………………. and ………….
I am expressing my opinion on the quality control system as designed by your
firm and its implementation. My observations regarding the deficiencies
observed by me in the system of quality control for the attestation services of
your firm is enclosed as Appendix. You are requested to send your
representation/Comments on the observation, so that the report may be
submitted to the peer Review Board.
CA …………………….
Membership No.
Reviewer code No :
Place:

2. APPENDIX
Following deficiencies are observed by us.
1. …………………………………..………………………….
2. ………………………………………………………………
3. ………………………………………………………………
4. ………………………………………………………………

3. FINAL REPORT
Report No.2
Date :
Peer Review Board
As per your letter No. …………………………… dated …………………, I have
carried out the peer review of …………………………..for the financial year 2006-
07, 2007-08 and 2008-09. The review was conducted in accordance with the
statement on peer review issued by the Institute of chartered accountants of
India. The major focus of the review was on compliance with Technical
standards, Quality of Reporting, Office systems and procedures and the
training programme for staff (including Articled & Audit clerks) concerned with
attestation services. I am expressing an opinion on the implementation of
quality control policies and procedures designed to ensure the compliance of
Technical standards and maintenance of quality of attestation services and its
implementation.
Review would not necessarily disclose all weaknesses in the quality of
attestation work or all instances of lack of compliance with a Technical
Standards, since it is based on selective tests. As there are inherent limitations
in the effectiveness of any system of quality control, departure from the system
may occur and not be detected. Also, projection of any evaluation of quality
control to future periods is subject to the risk that the system of quality control
may become inadequate because of changes in conditions, or that the degree of
compliance with the policies and procedures may deteriorate.
In my opinion the system of quality control for the attestation services of
………………………………….. for the period under review has been designed so
as to carry out professional attestation services assignments in a manner that
ensures compliance with technical standards laid down by the Institute and
maintenance of the quality of attestation service work they perform.
( CA )
M.No.
Reviewer code No.
Place :

4. Annexure to the final Report of M/s
Financial Year :
General instructions: Tick YES / NO, wherever applicable.
Sl.
No.
Particulars Observation
1 Date on which questionnaire is received.
2 Number of initial samples selected for review
3 (a) Was there any change made in initial sample selected by
the reviewer?
No
(b) If “Yes”, specify the number selected, after change -
4 Name of the person ( if any) who helped in the conduct of
review
5(a) Whether general controls are in existence and operating
effectively during the period under review?
Yes
(b) If “No”, please specify areas :
(i) Independence
(ii) Professional Skills and Standards
(iii) Outside consultation
(iv) Staff Supervision and Development
(v) Office Administration
6 Whether audit records administration is satisfactory? Yes
7 Whether working papers are properly maintained? Yes
8 Whether review of internal control systems was carried
out properly in performing attestation engagement?
No
9 (a) Whether proper systems and procedures exist with in the
PU to ensure compliance with technical standards?
Yes
(b) If “NO”, specify areas :
(i) Accounting Standards including Interpretation thereof
(ii) Auditing and Assurance Standards including General
Clarifications threof
(iii) Statements
(Iv ) Guidance Notes
(v) Institute’s Notifications/Directions
(vi) Self Regulatory Measures
10 Whether overall presentation of financial statements Yes

5. conforms to statutory requirements of presentation under
various Statutes?
11 Whether audit conclusions drawn are dully supported by
audit queries/observations?
Yes
12 Whether the quality of audit reports in respect of format
and content found proper?
Yes
13 (a) Whether the preliminary report issued by the reviewer
contained any deficiencies?
Yes
(b) If “yes”, please specify the areas of deficiencies :
1. Second Person Review is not established.
2. There is no other Paid C.A for continuing
Professional education.
3. Documents file were no properly arranged
14(a) Whether PU has responded to the preliminary report? Yes
(b) Whether the Reviewer is satisfied with the response
received from the PU?
Yes
15 (a) If the Reviewer is not satisfied with the response of the
PU, Whether interim report or qualified report has been
issued?
No
(b) Is the Final Report qualified? No
(c) If “Yes”, specify the reasons
16 Whether the Reviewer received full Co-operation from the
PU During review
Yes
17 Is there any point which the Reviewer wants to bring to
the notice of the Board? If “Yes”, please elaborate
separately.
Nil

6. conforms to statutory requirements of presentation under
various Statutes?
11 Whether audit conclusions drawn are dully supported by
audit queries/observations?
Yes
12 Whether the quality of audit reports in respect of format
and content found proper?
Yes
13 (a) Whether the preliminary report issued by the reviewer
contained any deficiencies?
Yes
(b) If “yes”, please specify the areas of deficiencies :
1. Second Person Review is not established.
2. There is no other Paid C.A for continuing
Professional education.
3. Documents file were no properly arranged
14(a) Whether PU has responded to the preliminary report? Yes
(b) Whether the Reviewer is satisfied with the response
received from the PU?
Yes
15 (a) If the Reviewer is not satisfied with the response of the
PU, Whether interim report or qualified report has been
issued?
No
(b) Is the Final Report qualified? No
(c) If “Yes”, specify the reasons
16 Whether the Reviewer received full Co-operation from the
PU During review
Yes
17 Is there any point which the Reviewer wants to bring to
the notice of the Board? If “Yes”, please elaborate
separately.
Nil